On January 1, 2013, a 2.3-percent excise tax on the gross sales of medical-device companies regardless of whether they turn a profit or suffer a loss will take effect.
HighTower brokers also run their own profit-and-loss statements, so instead of keeping 30% to 40% of gross fee production in W-2 earnings, they reap the benefit of all revenue associated with their clients, including interest spreads earned by lending idle cash in cash-rich accounts to other clients buying on margin.